The chronic disease of Osteoarthritis of the knee that causes pain and discomfort in the knee is associated with the degradation of the joint between the tibia and the femur. The degeneration of this joint is attributed partially to the damage of the meniscus of the knee which forms an important part of the knee joint. Magnetic Resonance Imaging (MRI) is used to diagnose such a kind of osteoarthritis by identifying the degeneration of the knee meniscus. A computer aided diagnostic system that aims to assist a doctor in decision making regarding such a diagnosis can expedite the very diagnosis. Diagnostic decision making for medical imaging falls into the category of classification for a computer vision task. Very Deep Convolutional Networks have been central to the largest advances in computer vision, in recent years. This work entails application of such convolutional networks for the purpose of recognizing a meniscus tear in MRI images as attempting a step towards developing a computer aided diagnosis system for osteoarthritis. Consequently, state-of-the-art pre-trained image recognition networks namely Alexnet, Inceptionv3, VGG and Resnet and Xception were trained on MRI data of the knee meniscus to see if they work for the task of recognizing a tear. A comparison of their classification performance on MRI data was done. The best performing model was the fine-tuned InceptionV3 network which achieved an accuracy close to 60% for classifying 600 patients based on presence of a tear or not.